Woolworth Building - Recent History

Recent History

The building was owned by the Woolworth company for 85 years until 1998, when the Venator Group (formerly the F. W. Woolworth Company) sold it to the Witkoff Group for $155 million. Until recently, that company kept a presence in the building through a Foot Locker store (Foot Locker is the successor to the Woolworth Company).

Prior to its 2001 destruction, the World Trade Center was often photographed in such a way that the Woolworth Building could be seen between 1 and 2 World Trade Center. After the September 11, 2001, attacks a few blocks away, the building was without electricity, water and telephone service for a few weeks and had broken windows and the top turret was damaged by falling rubble. Increased post-attack security restricted access to most of the ornate lobby, previously a tourist attraction.

The structure has a long association with higher education, housing a number of Fordham University schools in the early 20th century. Today, the building houses, among other tenants, TTA Inc., Control Group Inc. and the New York University School of Continuing and Professional Studies' Center for Global Affairs.

In August 2012, the New York Times reported that an investment group led by Alchemy Properties, a New York developer, bought the top 30 floors of the landmark on July 31 for $68 million from the Witkoff Group and Cammeby's International. The firm plans to renovate the space into luxury apartments and convert the penthouse into a five-level living space. The lower 28 floors are still owned by the Witkoff Group and Cammeby International, who plans to lease them as office space.

It's very exciting for us, said Kenneth S. Horn, president of Alchemy Properties (in the NYT article). We've done a lot of historic buildings in the city, but this is 'the mama,' as they say.

The project will cost approximately $150 million,according to the article, including its $68 million purchase price. Although apartment prices have not been set, they may sell for as much as $3,000 a square foot, said Howard Lorber, chairman of the brokerage firm Prudential Douglas Elliman. That could mean $7.5 million for a 2,500-square-foot unit. The penthouse at the pinnacle could command more.